Nifty Gateway
Founded2018
FounderDuncan and Griffin Cock Foster
Area served
Internet, Worldwide
Key people
ProductsNFT marketplace
OwnerWinklevoss twins
ParentGemini[1]
Websiteniftygateway.com

Nifty Gateway is a digital art online auction platform for non-fungible token (NFT) art founded by Duncan and Griffin Cock Foster,[2] and has since been acquired by the Winklevoss twins.[3] Nifty Gateway has sold NFTs by Beeple, Pak, Refik Anadol, Sam Spratt, XCOPY, Skygolpe and other widely followed NFT artists.[3][4]

In March 2021, Nifty Gateway began a partnership with the auction house Sotheby's.[5]

Account takeovers

In March 2021, some users of the platform were hacked. A common theme across all the users that were hacked was that they all did not have 2-factor authentication activated. It is speculated that the hack was a result of cracking or otherwise acquiring their individual passwords. Nifty Gateway released a statement saying its initial investigation had found “no evidence” the platform itself was breached.[4] Nifty Gateway was able to reverse all transactions made via stolen credit card information, although it raised questions regarding new users understanding of cryptocurrency's decentralization.[6]

One user planned to file a police report and contact their insurance company, but did not, stating “there’s nothing I can do per the Nifty terms of service.”[6][7]

References

  1. ↑ "Gemini Acquires Nifty Gateway" (Press release). November 19, 2019.
  2. ↑ "The Twin Blockchain Entrepreneurs Who Dream of "Digital Air Jordans"". New York Magazine. March 4, 2020.
  3. 1 2 del Castillo, Michael; Adams, Susan; Gara, Antoine (2021-04-05). "Revenge Of The Winklevii". Forbes.
  4. 1 2 "The Gray Market: Why the Hack of Nifty Gateway Raises Far-Reaching Questions About the Entire NFT Market (and Other Insights)". Artnet News. March 22, 2021.
  5. ↑ Villa, Angelica (April 6, 2021). "In a First, Sotheby's Collaborates with Major NFT Player for Pak Sale".
  6. 1 2 "Lessons From the Nifty Gateway NFT Heist: Not Your Keys, Not Your Art". Yahoo! Finance. March 17, 2021.
  7. ↑ "Nifty Gateway NFT Marketplace Review | The Ascent by Motley Fool". The Motley Fool. 2022-06-22. Retrieved 2022-07-16.
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